Ipo: Avalon Technologies’ IPO gets 3% subscription on Day 1 – Times of India

NEW DELHI: Electronic manufacturing services firm Avalon Technologies‘ initial share sale got subscribed 3 per cent on the first day of offer on Monday.
The Initial Public Offering (IPO) received bids for 3.68 lakh equity shares against 1.14 crore shares on offer, according to the data available with the National Stock Exchange (NSE).
The portion for retail individual investors (RIIs) received 16 per cent subscription while the quota for non-institutional investors (NIIs) was subscribed a mere 1 per cent.
However, no bids were made by Qualified Institutional Buyers (QIBs) for the IPO.
The issue will close on April 6.
On Friday, Avalon Technologies said that it has raised a little over Rs 389 crore from anchor investors.
The IPO comprises a fresh issue of aggregating Rs 320 crore and an offer for sale of up to Rs 545 crore by promoters and existing shareholders.
The company has fixed a price band of Rs 415-436 per share.
Proceeds from the fresh issue would be used towards debt payment, funding working capital requirements and general corporate purposes.
Founded in 1999, Avalon is an end-to-end electronic manufacturing service solutions provider. It has 12 manufacturing units located across the US and India.
JM Financial, DAM Capital Advisors, IIFL Securities and Nomura Financial Advisory and Securities (India) Pvt Ltd are the merchant bankers for the IPO.
Shares of the company are to be listed on the BSE and NSE on April 18.

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